Introduction

This performance management case study is about IFFCO Tokio GENERAL INSURANCE, one of India’s Largest Insurance providers. IFFCO Tokio is an organization with a qualified team of professionals working together, sharing views and ideas with passion to accomplish a common goal “To be an industry leader in India”. The business environment they work in is dynamic with a high degree of competition. Therefore, to achieve their goal in such a situation, they must constantly challenge themselves to higher levels of individual and group performance. Hence, Performance Management becomes a key organizational priority.

Challenges

IFFCO Tokio contacted Empxtrack with four pressing issues, which this performance management case study aims to address:

1. Their performance management content was inconsistent, i.e. the goals varied individual to individual. Although the team had the guidelines, they didn’t follow them effectively on paper.
   
   
2. Moreover, the process consumed a lot of time discouraging the employee to participate. As a result, they would come up with creative excuses every time.
   
   
3. Especially, the new-age employees, accustomed to computers, hated writing on paper and actively avoided it. Some of them used Word Documents, but it also created a mess.
   
   
4. Additionally, reporting was cumbersome for HR and the management. Digging out simple intelligence out of the system required mammoth efforts. Hence, no one could ever answer some of the performance questions.

Solution

To begin with, the Empxtrack Team conducted a thorough research on the past two years performance documents and provided consulting on the process, technology, and performance content, thus forming the foundation of this performance management case study. The solution implemented for IFFCO Tokio had following features:

1. Create Company Goals and cascade them to all employees and ask them to create their goals which contribute to Company’s Growth.
   
   
2. In addition, Empxtrack helped IFFCO Tokio develop a set of SMART Goals for all employees at all levels. Subsequently, employees could copy these standard goals and modify to meet their specific needs. Thus, the organization standardized goals across all departments.
   
   
3. Furthermore, HR could initiate the Goal Setting Process and all employees communicated via e-mails. The system automatically generated the Goal Setting Completion reports and forwarded them to the concerned managers. To ensure timely completion, the system sent frequent reminders to employees to finish the task on time.
   
   
4. Moreover, goal tracking allowed employees and managers to keep a watch on the progress on a regular basis. The manager would easily mark the corrective actions and coaching notes for employees to take action.
   
   
5. Finally, after the performance period was over, annual appraisal could be initiated automatically for all employees with an email.

Empxtrack becomes part of Growth Vehicle

IFFCO Tokio has been using the Empxtrack for more that 15 years, and they have seen significant benefits. Not only several challenges were met, but the employee experience and productivity also improved. The management could get clear insights on the organizational talent. Here are some of the key results:

Goal Setting Process Completion

Previously, the IFFCO Tokio team could complete the Goal Setting Process for all employees across the country within 15 days. But, now, the employee and manager are able to complete the process in just 3 hours on average. Earlier this time was more than 2 days. The huge repository of SMART goals within Empxtrack drives the jump in time efficiency. 

Appraisal Process Completion

Notably, IFFCO Tokio has significantly reduced the time taken to complete the entire appraisal process from 30 days to much less. 

Employee Performance Improvement

In addition, employees who have used Empxtrack for more than two years saw a significant jump in their appraisal scores. The average appraisal scores in the organization have jumped from 4.3 to 4.7. Therefore, the employees who have dexterously used the software have gained several promotions and significant monetary completion.

Employee Satisfaction

Furthermore, the objectivity and transparency has not only improved the employee’s confidence in the organization but also improved overall employee experience. Hence, employees are vocal about the new system and confident that their performance will not go unnoticed in the eyes of the management.

Management Reports

The time taken to create management reports for HR has reduced from 2 weeks to 1 day for all the required reports. Not only has this reduced the burden on HR but the accuracy of reports has also jumped to 100%.

Objective Compensation & Career Growth

Lastly, management is now able to use the Appraisal & Goal Achievement Scores for compensating top performers as well as identifying the leaders for tomorrow. Hence, the right candidates are not going unnoticed.

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